I had a conversation with an old OG who is studying at Stanford, and he shared some very interesting points, marking them down: 1. He believes that Circle has already peaked in the short term, and this price increase was mainly driven by call options. The implied volatility (IV) has already started to decline, which means that a shorting opportunity may have arisen (not investment advice). 2. In the crypto space, borrowing money is absolutely a no-go, especially when leverage blows up. Borrowing money is just continuing to gamble, and sooner or later, you will lose everything. 3. Many people in the crypto space who lend money to others can’t get it back, can’t sue, and are afraid to report it to the police because the main assets are stablecoins, there are no contracts, and there’s no legal support. They are more afraid of getting into bigger trouble, so they often just accept their misfortune. 4. In the future, the crypto space will be a combination of spot Bitcoin + mainstream contracts + crypto ETFs + crypto stocks. Altcoins will no longer be played; on-chain, it will be all robots, with very few real people. 5. Valuable assets will be the Top 10 coins + US stocks; everything else is a scam. Mainstream coins are purely speculative, and those small-cap altcoins are just providing liquidity for others to exit. 6. He is not very optimistic about tokenized stocks either; the model of tokenized stocks is too similar to that of offshore brokers. The only way to play with tokenized stocks is to pair them with DeFi for APY, which does not align with the needs of stock players. 7. There is still a significant difference between stablecoins and banks. Stablecoin holders in the crypto space need fixed income. If you have stablecoins, it’s easy to understand the need for fixed income, but if you have stablecoins and BTC, wanting to play stocks means you are not in the same group anymore. 8. I feel that every round of narratives is draining liquidity from the crypto space; only ETFs have increased BTC liquidity (it’s hard to say if ETH has increased). The speed of draining is greater than the speed of stablecoin issuance in the crypto space, and much of the stablecoin issuance is used outside the crypto space. 9. Bn's current thinking is not fundamentally different from pump and dump schemes. Whether it’s Bn’s own equity or BNB, they are targeting holders and alpha, all to maximize exit liquidity, which is draining ecosystem liquidity. 10. Stablecoin companies earn from interest rate spreads, not transaction fees. So while they play the role of Visa, they actually profit from a bank's business model. Traditional Visa earns from transaction fees, while banks earn from interest rate spreads. Therefore, there is indeed a differentiation in business models, which is why Visa welcomes stablecoins, but the banking industry does not, because stablecoin companies are essentially taking away banks' income.